This scheme was introduced by India Post in 1988.
Post office schemes are offered by the government, ensuring a safe and guaranteed return on investment.
People are always looking for schemes that help them double their money in the future. Several post office schemes are designed for this purpose. Post office schemes are offered by the government, which ensures a safe and guaranteed return on investment. One of the schemes that can give you good returns is called the Kisan Vikas Patra scheme. This scheme was introduced by India Post in 1988. According to the official website, the aim behind the scheme was to “encourage long-term financial discipline in people.”
On April 1 this year, the government increased the interest rate on this scheme. The returns on this scheme now will be at the rate of 7.5% per annum, which means the tenure of this scheme will be 115 months or 9 years and 7 months, according to the new updates. Initially, it took 120 months for the money to double in this scheme. If someone invests Rs 4 lakh, then the money returned to them will be 8 lakh in 115 months.
The minimum investment one can opt for is Rs 1000 in this scheme and there is no limit for a maximum amount. If you choose to invest a lump sum amount, then you will get double it by the end of the 115 months. The government made PAN card proof compulsory for anyone investing Rs 50,000 or more to prevent money laundering cases. For an investment of Rs 10 lakh and above, you have to submit income proofs like salary slips, bank statements, and ITR documents. At first, it was started for farmers, but now it is open to all. It is available in all the banks and post offices of the country.
The eligibility for opting for this scheme is that the applicant should be an Indian citizen, above 18 years of age and an adult is eligible to apply on behalf of a minor or a person of unsound mind. Hindu Undivided Family (HUF) and NRI (Non-Resident Indians) are not eligible for this scheme.
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